Ford Pricing during Covid

[Code0101]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still owe 45k today. After price drops and such it looks I made a 20k mistake. Anyone run into this or have a possible solutions. Want to trade up to a newer version but can’t just eat 20k to do it.

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[MrLoganRoss]

Keep driving it

 

[Sikkun]

Yup I bought a Ford Fusion and put a 120k miles on it, lost 20 grand. Then like an idiot I bought a Mustang Ecoboost and another 150k miles and lost 30 grand. Now my Mach E is going to lose me a bunch also.

I should really stop driving.

 

[SonicBlue]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still if 45k today. After price drops and such it looks I made a 20k mistake anyone run into this or have a possible solutions. Want to trade up to a newer version.

I would suggest sending a PM to @Ford Motor Company. There clearly appears to be a problem if you’ve owned your car for three years and still owe 45k on it. In this situation, Ford will usually cancel your loan. The most important thing is that you get to drive a newer vehicle.

 

[shutterbug]

I would suggest sending a PM to @Ford Motor Company. There clearly appears to be a problem if you’ve owned your car for three years and still owe 45k on it. In this situation, Ford will usually cancel your loan. The most important thing is that you get to drive a newer vehicle.

Wait! What?! Why would Ford cancel the loan?

 

[hybrid2bev]

I would suggest sending a PM to @Ford Motor Company. There clearly appears to be a problem if you’ve owned your car for three years and still owe 45k on it. In this situation, Ford will usually cancel your loan. The most important thing is that you get to drive a newer vehicle.

Ah, no. Ford Motor Company doesn’t set the transaction price, it’s negotiated between the dealer and the buyer. I’m sure lots of people overpaid at that time because of supply and demand.

Ford Motor Company wouldn’t hold the loan anyways. It would be with Ford Credit or another lender.

 

[67 Stang Convertible]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still if 45k today. After price drops and such it looks I made a 20k mistake anyone run into this or have a possible solutions. Want to trade up to a newer version.

Dude, Money does not grow on trees (as my Dad would say). Just keep driving your 2021 until 2031...

 

[zvez]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still if 45k today. After price drops and such it looks I made a 20k mistake anyone run into this or have a possible solutions. Want to trade up to a newer version.

it's not a mistake and you keep it and drive it for a few years

 

[CTZ]

Cars have been the worst investments I've ever bought. Don't think I've ever made money on one.

 

[SonicBlue]

Are there any lawyers here? This sounds like a class action lawsuit to me. Ford is selling these cars knowing they’re gonna go down in value. And then unsuspecting customers owe money for that car, and they can’t drive a brand new car every 3 years. Seems shady.

 

[Kamuelaflyer]

Ford is selling these cars knowing they’re gonna go down in value

Wait?!!? Cars go down in value after you buy them?!!!!!!

 

[ack154]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still owe 45k today. After price drops and such it looks I made a 20k mistake. Anyone run into this or have a possible solutions. Want to trade up to a newer version but can’t just eat 20k to do it.

Just a guess, but at that rate, I'm suspecting you maybe rolled some negative equity into the new loan with your trade? And paid a dealer markup. And possibly got a really bad interest rate. If not all three, then at least two of them.

Depreciation is one thing, but if you also made bad buying decisions on top of that, you're just compounding the issues.

Again, just a guess - but I've read a ton of these stories and typically the people that are REALLY upside down on their loans made some really terrible decisions when buying. I really hope you have GAP insurance.

 

[Code0101]

No negative equity and less than 3% on the loan. With it being a new car, even for ford, they just took advantage and jacked up the price.

 

[Clockwork]

No negative equity and less than 3% on the loan. With it being a new car, even for ford, they just took advantage and jacked up the price.

After 3 years the math isn't mathing.

How much did you pay? How much did you put down? What was the length of the loan?


I put down $32k on my Rally and financed for 72 months at @ 1.9%. I plan on paying it off within 1-2 years though.

 

[the golden eel]

I bought my 21 MME Premium in nov of 21 during the “shortage” but I really needed a car and love it. Unfortunately I still owe 45k today. After price drops and such it looks I made a 20k mistake. Anyone run into this or have a possible solutions. Want to trade up to a newer version but can’t just eat 20k to do it.

Why are you talking about trading to a different car and eating 20 grand, when in your first sentence you say you love your car?

If you love it and don't want to eat 20 grand, your path forward seems pretty simple.

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